Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,343/mo
Lowest payment- Down payment
- $144,485
- Funds due
- $154,787
- Interest + MI left
- $88,638
- First ends
- Sep 2050
Assumption
Assumption + second
$2,135/mo
+$792/mo- Down payment
- $36,485
- Funds due
- $48,060
- Interest + MI left
- $265,926
- First ends
- Sep 2050
New loan
New conventional
$2,584/mo
+$1,241/mo- Down payment
- $36,485
- Funds due
- $44,598
- Interest + MI left
- $490,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,515 | $215,515 | $323,515 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,063.47 | $1,063.47 | $2,239.95 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $64.70 |
| Taxes, insurance & HOA | $279.25 | $279.25 | $279.25 |
| Total housing payment | $1,342.72 | $2,135.19 | $2,583.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,485
Closing costs & prepaids$11,575
Usable credit−$0
Total buyer cash needed$48,060
Earnest money paid−$0
Remaining funds due$48,060
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,077.57
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$387.75
Prepaid interest, first (1 days)$18.13
Prepaid interest, second (1 days)$23.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 10 moOf the original 30-year loan at 3.070%
Interest already paid$44,212Through Nov 2026
Assumption only · ends Sep 2050$88,638
Assumption + second · ends Sep 2050, second Dec 2056$265,926
New conventional · ends Dec 2056$490,568